OneAmerica Financial Partners plans to acquire McCready and Keene Inc., the fifth-largest employee benefits firm in the Indianapolis area, the companies announced Wednesday.
Financial terms of the deal, scheduled to close on July 1, were not disclosed.
McCready and Keene provides actuarial and consulting work to help employers design their retirement plans. The company employs 95 people nationally, 82 of them in Indianapolis, according to IBJ research.
Retirement services accounts for about half of the $21.8 billion in assets held by OneAmerica. The company thinks McCready and Keene’s expertise in pensions can help it compete for larger accounts than it now does with its 403(b) and 401(k) plans.
“With the additional platforms and capabilities provided by McCready and Keene, we’ll be positioned to extend our reach further into the medium-to-large markets that often look for the combination of products we can now offer,” said Bill Yoerger, senior vice president of retirement services at American United Life Insurance Co., the OneAmerica unit that handles retirement services.
McCready and Keene manages more than 800 retirement plans that include 500,000 participants and $19 billion in assets under administration. Its executives hope OneAmerica’s national distribution network can help McCready and Keene reach new markets.
“The relationship between OneAmerica and McCready and Keene is an excellent fit for both companies,” said Dan Shelley, chairman of the board for McCready and Keene.
OneAmerica, which employs about 1,300 people in Indianapolis, has annual revenue of more than $1.2 billion.